Kotak Mahindra Bank issued a set of guidelines spelling out the procedure for its customers to avail the RBI-mandated moratorium, which allows them to not pay EMIs or credit card bills for three months.

"All customers who desire to avail the relief under the policy can send an email from their registered mail id to pay.later@kotak.com quoting the Loan account/APAC number," Kotak Mahindra Bank said in its guidelines.

The repayment schedule of term loans will shift by up to three months and the tenor of the term loan will be commensurately extended. The instalment amounts / EMIs will be appropriately recalculated, including interest during moratorium period.

If borrowers have already paid their instalments or serviced their interest for March 2020, such borrowers can avail moratorium for installments falling due in April and May 2020.

The Bank would be presenting the post-dated cheques / actioning ECS or NACH -mandates etc., provided by the customers, for collection as per the respective due dates. Customers that are desirous of availing the relief under the RBI circular, should send a communication to the Bank within seven days (or extended date as may be permitted by the Bank) from their first due date falling on or after April 1, 2020 through a mail from their registered mail id to pay.later@kotak.com. Customers, whose instrument so sent for collection is not cleared, will be deemed to have availed of the moratorium and necessary relief would be provided as per the RBI guidelines.

Credit card customers will be given an option to avail of relief under the RBI circular will be sent instructions along with their first statement falling due on or after April 1, 2020. Customers who do not pay their total amount due, as payable in the months of March, April, May would be automatically enrolled for the Moratorium. Customers desirous of availing the relief should send a communication to the Bank within seven days (or extended date as may be permitted by the Bank) from their first due date falling after April 1, 2020 through a mail from their registered mail id to pay.later@kotak.com.